The University of Canterbury has received the $260 million government cash injection it desperately needs to get back on its feet.
Prime Minister John Key, along with Tertiary Education Minister Steven Joyce and National Christchurch East candidate Matthew Doocey, made the announcement at the Christchurch campus this afternoon.
The Government’s contribution will fund a new science centre and expand and upgrade engineering facilities, Joyce said.
“While generally the Government expects tertiary education institutions to fund their own capital investment from their balance sheets, Canterbury institutions are dealing with a unique set of challenges. The blunt reality is that Canterbury University would find it very difficult to recover without this support.”
The university has a redevelopment plan to modernise its campus and infrastructure. The total programme is valued at $1.1 billion over 10 years.
About 25 per cent will be insurer-funded, about half funded by the university and the rest from the government support announced today.
It will be interesting to see what the final bill for the earthquake comes to. Very pleased that the Government is managing to play its part in the rebuild, and remain on a course to surplus. I recall the Greens demanding an increase in tax rates to fund the rebuild.